A Political Agreement on DORA has been Reached: What it Means for the EU Financial Services Sector
Maria E. Tsani Head of Financial Services Public Policy & Regulatory Affairs EMEA at Amazon Web Services (AWS)
On 10 May the European Council, Commission and Parliament announced a provisional political agreement on the Digital Operational Resilience Act (DORA). This agreement will set the foundation for a harmonized pan-EU framework on operational resilience, which AWS believes has the potential to accelerate the digital transformation of the EU Financial Services sector.
Seeking the best outcomes for the financial services industry
DORA will introduce new requirements for both third-party providers, including, but not limited to cloud providers, as well as financial institutions. The Act outlines improvements in information and communications technology (ICT) and security risk-management requirements, a harmonization regime for ICT incident reporting, development of a digital operational resilience testing framework, and an oversight framework for critical ICT third-party providers. The final text is still due to be published in the Official Journal of the EU and the rules will apply 24 months after they enter into force. We will continue to support our customers as they determine what these new requirements will mean for them and are committed to helping our customers as they transition to the new framework.
AWS will continue to work with regulators and authorities throughout the implementation of DORA to help ensure it delivers on its objectives of enhanced operational resiliency, while also supporting innovation in the EU Financial Services sector. AWS will also support customers as they look for new ways to experiment, remain competitive, meet consumer expectations, and develop new products and services on the cloud that will fully comply with the new regulatory framework.
In the meantime, if you have any questions about compliance with DORA and the application to your use of AWS, more information can be found here https://aws.amazon.com/blogs/industries/what-aws-customers-need-to-know-about-dora/, and you can get in contact with us here https://aws.amazon.com/contact-us/. We have a team of policy, regulatory and technology experts with Financial Services background ready to support you.